Spotify has partnered with one of its partners in order to test a new service called “token-enabled music playlists”. This allows non-fungible token (NFT), holders to connect to their wallets to access curated music. It is currently in pilot phase.
This new service was created in partnership with Overlord’s Web3 gaming ecosystem. It includes a token-enabled community-curated Spotify playlist that can be accessed via the Web3 wallets for those who have the Creepz NFT on Spotify.
- According to the official AnnouncementThe service will only be available to Android users in the United States, United Kingdom and Germany.
- The product is only available to Overlord token holders in the Fluf, Moonbirds and Kingship communities.
- Universal Music Group’s NFT band Kingship revealed A token-gated playlist will be created for NFT holders and will include Queen, Missy Eliott and Snoop Dogg. It was tweeted as:
“We are all about creating real value for our community, pushing the boundaries music and blockchain, as well as having our holders be at forefront of this space.”
- The three-month testing period includes active updates to the playlists and access by community members only via a unique link.
- Spotify ended 2022 with higher-than-expected user growth, despite wider quarterly losses.
- The earnings Report It showed an 18% increase in users in the fourth quarter, raking in 489 millions monthly active users.
- Spotify isn’t the first to experiment with NFT. The platform had previously conducted a test to allow a select group of artists (e.g. Steve Aoki or The Wombats) to promote third-party NFT offerings through their artist profiles.